Logistics-Specific Aspects of Cargo Insurance: Ideals and Realities of International Chamber of Commerce Recommendations

Authors

  • Egor Vadimovich Pak Moscow State Institute of International Relations
  • Tatyana Nikolayevna Polyanova Moscow State Institute of International Relations

DOI:

https://doi.org/10.24412.2072-8042-2023-3-97-105

Keywords:

cargo transportation insurance, cargo insurance, INCOTERMS-2020, international merchandise trade, Russia’s foreign trade, economic sanctions, International Chamber of Commerce, Institute cargo clauses

Abstract

As of today, cargo insurance in international merchandise trade is optional unless agreed in the contract. Thus, the paper critically investigates six standard positions regarding cargo insurance stipulated in CIF and CIP bases (INCOTERMS-2020). It has been revealed that in some cases the related recommendations of the International Chamber of Commerce (ICC) do not coincide with the evidence from the field. With the ongoing transformation of international economic relations (incl. economic sanctions regime imposed on Russia by the West), the authors stress that the basic approach to cargo insurance provided by the ICC is still adequate enough. However, it might be subject to some alterations in case of imports to Russia.

Author Biographies

Egor Vadimovich Pak, Moscow State Institute of International Relations

Candidate of Economic Sciences

Work place, post: Moscow State Institute of International Relations, Department of International Economic Relations and Foreign Relations Affairs named after N.N. Liventsev, Department of International Transport and Shipping, Associate Professor

 

Tatyana Nikolayevna Polyanova, Moscow State Institute of International Relations

Candidate of Economic Sciences, Associate Professor

Work place, post: Moscow State Institute of International Relation, Department of International Transport and Shipping, Acting Head of the Department

Published

2024-01-25

How to Cite

Pak, E. V., & Polyanova, T. N. (2024). Logistics-Specific Aspects of Cargo Insurance: Ideals and Realities of International Chamber of Commerce Recommendations. Russian Foreign Economic Journal, (3), 97–105. https://doi.org/10.24412.2072-8042-2023-3-97-105

Issue

Section

International trade

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